Complex Claims Consultant - Financial Lines/Public D&O

CNA Insurance•Downers Grove, IL

7d•$72,000 - $141,000•Hybrid

About The Position

CNA is seeking a Complex Claims Consultant for its Financial Lines Claims team. This role will focus on high severity Directors & Officers (D&O) and Errors & Omissions (E&O) claims for public companies and financial institutions. The consultant will investigate and manage complex professional liability claims, working within specific authority limits on assignments requiring significant technical expertise and coordination. Responsibilities include reviewing coverage, assessing liability and damages, gathering information, and negotiating and settling claims, all while adhering to company policies and guidelines. The average caseload is approximately 120-135 files, which can be highly complex and valued in the multi-million dollar range. Experience in insurance litigation and coverage interpretation/analysis is highly desired.

Requirements

Advanced technical and product specific expertise, claims resolution skill and knowledge of insurance and claims principles, practices and procedures.
Demonstrated ability to handle litigated matters, including selection and direction of counsel, and formulation and execution of resolution strategies and strategic coordination with counsel, insureds, brokers and other insurers under reimbursement policies.
Thorough knowledge of the commercial insurance industry, products, policy language, coverage, and claim practices.
Strong communication, negotiation and presentation skills both verbal and written, including the ability to communicate business and technical information clearly.
Demonstrated analytical and investigative mindset with critical thinking skills and ability to make sound business decisions, and to effectively evaluate and resolve ambiguous, complex and challenging business problems.
Strong work ethic, with demonstrated time management and organizational skills.
Ability to work in a fast-paced environment at high levels of productivity.
Demonstrated ability to negotiate complex settlements.
Experience interpreting complex commercial insurance policies and coverage.
Ability to manage multiple and shifting priorities in a fast-paced and challenging environment.
Knowledge of Microsoft Office Suite and ability to learn business-related software.
Demonstrated ability to value diverse opinions and ideas.
Bachelor's Degree or equivalent experience.
Typically a minimum six years of relevant experience, preferably in Professional Liability claim handling or a minimum of six years in a law firm handling Professional Liability matters.
Must have or be able to obtain and maintain an Insurance Adjuster License within 90 days of hire, where applicable.
Prior negotiation experience.

Nice To Haves

Juris Doctorate is preferred.
Professional designations preferred (e.g. CPCU).

Responsibilities

Manages an inventory of highly complex litigated claims with large exposures, requiring specialized technical expertise and coordination, by following company protocols to verify policy coverage, conduct investigations, develop and employ resolution strategies, and authorize disbursements within authority limits.
Ensures exceptional customer service by managing all aspects of the claim, interacting and communicating professionally and effectively, achieving quality and cycle time standards, providing timely updates and responding promptly to inquiries and requests for information.
Verifies coverage and establishes timely and adequate reserves by reviewing and interpreting policy language and partnering with coverage counsel on more complex matters, estimating potential claim valuation, and following company's claim handling protocols.
Leads focused investigation to determine independent assessment of liability and damages by gathering pertinent information, such as contracts or other documents, as necessary to verify the facts of the claim.
Resolves claims by collaborating with internal and external business partners to develop, own and execute a claim resolution strategy, that includes management of timely and adequate reserves, collaborating with coverage experts, negotiating complex settlements, partnering with counsel to manage complex litigation and authorizing payments within scope of authority.
Directly negotiates and resolves cases where appropriate and participates in mediations and settlement conferences to resolve files. Attends trial as necessary.
Establishes and manages claim budgets by achieving timely claim resolution, selecting and actively overseeing appropriate resources, authorizing expense payments and delivering high quality service in an efficient manner.
Realizes and addresses subrogation/salvage opportunities or potential fraud occurrences by evaluating the facts of the claim and making referrals to appropriate Claim, Recovery or SIU resources for further investigation.
Achieves quality standards by appropriately managing each claim to ensure that all company protocols are followed, work is accurate and timely, all files are properly documented and claims are resolved and paid timely.
Keeps senior leadership informed of significant risks and losses by completing loss summaries, identifying claims to include on oversight list, and preparing and presenting succinct summaries to senior management.
Maintains subject matter expertise and ensures compliance with state/local regulatory requirements by following company guidelines, and staying current on commercial insurance laws, regulations or trends for line of business.
Mentors, guides, develops and delivers training to less experienced Claim Professionals.
May perform additional duties as assigned.